Suppose That Demand for and Supply of a Commodity in a Market

question 48

Multiple Choice

Suppose that demand for and supply of a commodity in a market are shown on a graph with price on the vertical axis and quantity on the horizontal axis. The y-intercept of the demand curve is equal to $30. The equilibrium price and quantity are $20 and 300 units respectively. What is the total consumer surplus in the market?

• A) $2,000
• B) $1,300
• C) $9,000
• D) $3,000
• E) $1,500

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The anticipated amount of money or assets an individual or entity expects to have in the future.

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